REGISTERED NUMBER: 03801323 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 April 2025

for

First City Nursing Services Ltd

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

16

DIRECTORS:

S J Trowbridge

L Trowbridge

REGISTERED OFFICE:

First City House

Cheney Manor Industrial Estate

Swindon

Wiltshire

SN2 2QG

REGISTERED NUMBER:

03801323 (England and Wales)

AUDITORS:

Morley & Co (UK) Ltd

Statutory Auditor, Chartered Certified Accountants

2 Cricklade Court

Old Town

Swindon

Wiltshire

SN1 3EY

The directors present their strategic report for the year ended 30 April 2025.

REVIEW OF BUSINESS

The principal interests of the company during the period were to provide domiciliary healthcare services as well as agency services to healthcare establishments. During the period the company has continued to work systemwide in partnership with statutory bodies and in particular local authorities and clinical commissioning groups. The company has continued its role as key systemwide partner within the local health and care ecosystem, including helping to facilitate discharges into the community care sector.

The directors are satisfied with the performance of the company in the 12-month period ended 30 April 2025. This performance has been despite a very challenging environment to the sector, the company and its employees.

PRINCIPAL RISKS AND UNCERTAINTIES

The board along with the management team monitor key risks that the company faces on a continual basis.

The principal risks facing the company relate to the ongoing funding pressures within the adult social care sector, particularly concerning NHS and local authority funding allocations. The sector's sustainability is significantly impacted by inadequate annual funding uplifts to address unavoidable cost increases, including those mandated by the government and driven by inflation. Unlike other sectors, healthcare providers have limited ability to pass on these cost increases to consumers.

Recruitment and retention of healthcare professionals pose significant challenges due to competitive pressures within the labour market.

The company remains at the forefront of innovation within the adult care sector. First City is actively exploring the applications and benefits of Artificial Intelligence. The company is well positioned to thrive in the evolving integrated care systems that will shape the future of the sector.

ON BEHALF OF THE BOARD:

S J Trowbridge - Director

3 October 2025

The directors present their report with the financial statements of the company for the year ended 30 April 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the provision healthcare services.

DIVIDENDS

The total distribution of dividends for the year ended 30 April 2025 will be £952,163.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 May 2024 to the date of this report.

S J Trowbridge

L Trowbridge

POLITICAL DONATIONS AND EXPENDITURE

There have been no political donations made in the current or prior year.

GOING CONCERN

The directors have prepared forecast information which takes into account the current economic climate and its potential impact on the business. The directors are satisfied that the company has adequate financial resources and facilities, together with long-standing relationships with a number of customers and suppliers, which will enable the company to meet the challenges posed by the current situation. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

ENGAGEMENT WITH EMPLOYEES

The directors promote a company policy of giving full and fair consideration to applications for employment made by disabled persons. Specific training and career development are considered in line with the needs of all employees of the company.

The necessity for, and importance of, good communication with all employees is well recognised and accepted by the directors. For many years, regular meetings with employees' representatives have been held to keep them informed of developments and to receive their suggestions on various matters including health and safety.

The Company recognises the valuable contribution made by its employees to the success of the business. Employees are kept informed of the activities of the Company at regular staff liaison meetings. Staff are encouraged to discuss matters directly with management or bring matters to their attention at the staff liaison meeting. The Company always considers matters relating to employment fairly irrespective of race, age, sex, disability, religious beliefs or sexual orientation. The Company supports the ongoing training and development of its staff.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Morley & Co (UK) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S J Trowbridge - Director

3 October 2025

Opinion

We have audited the financial statements of First City Nursing Services Ltd (the 'company') for the year ended 30 April 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 April 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

a. The nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;

b. Enquiring of management, including obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to:

b.i. Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

b.ii. Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

b.iii. The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.

b.iv. Obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements, such as provisions of the UK Companies Act, pensions legislation and tax legislation or that had a fundamental effect on the operations of the company, General Data Protection requirements and Anti-bribery and corruption policy.

In common with all audits under ISAs (UK), we are required to perform specific procedures to respond to the risk of management override. Our procedures to respond to risks identified included the following:

a. Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

b. Enquiring of management and external legal counsel concerning actual and potential litigation and claims;

c. Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and

d. Reading minutes of meetings of those charged with governance and correspondence with regulators.

In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Paul King FCCA (Senior Statutory Auditor)

for and on behalf of Morley & Co (UK) Ltd

Statutory Auditor, Chartered Certified Accountants

2 Cricklade Court

Old Town

Swindon

Wiltshire

SN1 3EY

3 October 2025

TURNOVER

25,752,844

23,961,118

Cost of sales

21,120,069

19,447,862

GROSS PROFIT

4,632,775

4,513,256

Administrative expenses

3,106,721

3,075,597

1,526,054

1,437,659

Other operating income

31,779

28,836

OPERATING PROFIT

4

1,557,833

1,466,495

Interest receivable and similar income

3,872

-

1,561,705

1,466,495

Interest payable and similar expenses

6

23,281

5,579

PROFIT BEFORE TAXATION

1,538,424

1,460,916

Tax on profit

7

278,133

836,428

PROFIT FOR THE FINANCIAL YEAR

1,260,291

624,488

PROFIT FOR THE YEAR

1,260,291

624,488

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,260,291

624,488

Note

Prior year adjustment

9

(197,717

)

(139,451

)

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

1,062,574

485,037

FIXED ASSETS

Intangible assets

10

-

800

Tangible assets

11

153,084

38,218

Investment property

12

530,189

530,189

683,273

569,207

CURRENT ASSETS

Debtors

13

4,515,878

4,203,074

Cash at bank and in hand

1,824,234

1,766,754

6,340,112

5,969,828

CREDITORS

Amounts falling due within one year

14

3,928,930

3,798,325

NET CURRENT ASSETS

2,411,182

2,171,503

TOTAL ASSETS LESS CURRENT LIABILITIES

3,094,455

2,740,710

CREDITORS

Amounts falling due after more than one year

15

45,617

-

NET ASSETS

3,048,838

2,740,710

CAPITAL AND RESERVES

Called up share capital

18

110

110

Retained earnings

19

3,048,728

2,740,600

SHAREHOLDERS' FUNDS

3,048,838

2,740,710

The financial statements were approved by the Board of Directors and authorised for issue on 3 October 2025 and were signed on its behalf by:

S J Trowbridge - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 May 2023

110

2,870,375

2,870,485

Prior year adjustment

-

(139,451

)

(139,451

)

As restated

110

2,730,924

2,731,034

Changes in equity

Dividends

-

(614,812

)

(614,812

)

Total comprehensive income

-

822,205

822,205

Balance at 30 April 2024

110

2,938,317

2,938,427

Prior year adjustment

-

(197,717

)

(197,717

)

As restated

110

2,740,600

2,740,710

Changes in equity

Dividends

-

(952,163

)

(952,163

)

Total comprehensive income

-

1,260,291

1,260,291

Balance at 30 April 2025

110

3,048,728

3,048,838

Cash flows from operating activities

Cash generated from operations

1

1,626,073

1,838,263

Interest paid

(23,281

)

(5,579

)

Tax paid

(383,155

)

(717,312

)

Government grants

31,779

28,476

Net cash from operating activities

1,251,416

1,143,848

Cash flows from investing activities

Purchase of tangible fixed assets

(166,647

)

(16,090

)

Interest received

3,872

-

Net cash from investing activities

(162,775

)

(16,090

)

Cash flows from financing activities

Inter-company new loans in year

(135,425

)

(77,251

)

Amount withdrawn by directors

(25,684

)

(30,000

)

New HP in year

109,481

-

HP repayments in year

(27,370

)

-

Equity dividends paid

(952,163

)

(614,812

)

Net cash from financing activities

(1,031,161

)

(722,063

)

Increase in cash and cash equivalents

57,480

405,695

Cash and cash equivalents at beginning of year

2

1,766,754

1,361,059

Cash and cash equivalents at end of year

2

1,824,234

1,766,754

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

as restated

£

£

Profit before taxation

1,538,424

1,460,916

Depreciation charges

52,581

34,859

Prior year adjustment

-

(139,451

)

Government grants

(31,779

)

(28,476

)

Finance costs

23,281

5,579

Finance income

(3,872

)

-

1,578,635

1,333,427

Increase in trade and other debtors

(156,989

)

(38,662

)

Increase in trade and other creditors

204,427

543,498

Cash generated from operations

1,626,073

1,838,263

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2025

30/4/25

1/5/24

£

£

Cash and cash equivalents

1,824,234

1,766,754

Year ended 30 April 2024

30/4/24

1/5/23

as restated

£

£

Cash and cash equivalents

1,766,754

1,361,059

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/5/24

Cash flow

At 30/4/25

£

£

£

Net cash

Cash at bank and in hand

1,766,754

57,480

1,824,234

1,766,754

57,480

1,824,234

Debt

Finance leases

-

(82,111

)

(82,111

)

-

(82,111

)

(82,111

)

Total

1,766,754

(24,631

)

1,742,123

1.	STATUTORY INFORMATION

First City Nursing Services Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factor, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

(i) Useful economic life of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date, turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. Where payments are received from customers in advance of services provided the amounts are recorded as deferred income and included as part of creditors due within one year.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

20% on cost

Computer equipment

-

33% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Basic financial instruments

Basic financial instruments, including trade and other receivables and payables, cash and bank balances, bank loans and loans to or from other group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

Contingent liabilities

A contingent liability is either a possible but uncertain obligation or a present obligation that is not recognised because a transfer of economic benefits is not probable. A contingent liability also arises if a present obligation exists but the amount required to settle it cannot be reliably estimated.

Contingent liabilities are not recognised unless they have arisen in a business combination. They are disclosed unless the possibility of an outflow of resources is remote.

3.	EMPLOYEES AND DIRECTORS

2025

2024

as restated

£

£

Wages and salaries

7,547,535

6,869,575

Social security costs

640,299

547,204

Other pension costs

259,601

370,709

8,447,435

7,787,488

The average number of employees during the year was as follows:

2025

2024

as restated

Employees

325

325

2025

2024

as restated

£

£

Directors' remuneration

12,570

12,570

Directors' pension contributions to money purchase schemes

52,380

162,646

4.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

as restated

£

£

Depreciation - owned assets

27,831

28,727

Depreciation - assets on hire purchase contracts

23,950

-

Computer software amortisation

800

6,133

5.	AUDITORS' REMUNERATION

2025

2024

as restated

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

13,634

13,284

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

as restated

£

£

HMRC interest

23,281

5,579